The richest city in the world is located in the Middle East, not in Europe or the United States.
Beijing, Singapore, Riyadh, Hong Kong, and Oslo, which is home to the world’s largest sovereign wealth fund (SWF), NBIM, closely follow Abu Dhabi, which boasts an estimated $1.7 trillion in capital.
As of October 1, 2024, these six cities collectively manage two-thirds of the $12.5 trillion held by sovereign wealth funds worldwide.
Several prominent investment firms manage Abu Dhabi’s $1.7 trillion in sovereign wealth funds, including the Abu Dhabi Developmental Holding Company (ADQ), Abu Dhabi Investment Authority (ADIA), Mubadala, Abu Dhabi Investment Council (ADIC), Lunate, Abu Dhabi Fund for Development (ADFD), Tawazun, and the Emirates Investment Authority (EIA).
Why is Abu Dhabi so rich?
In the first nine months of 2024 alone, Abu Dhabi’s major sovereign wealth funds, such as ADIA, Mubadala, and ADQ, invested $36 billion in international projects and enterprises.
The discovery of oil in 1958 was the starting point of Abu Dhabi’s journey towards prosperity.
This event transformed the city into a major oil producer, significantly contributing to its economic growth.
Today, Abu Dhabi stands as a key global energy hub, possessing 95 percent of the UAE’s oil and 92 percent of its gas reserves.
It boasts the largest workforce in its investment funds, with 3,107 employees, making it the wealthiest in terms of assets.
In contrast, cities like Singapore, Riyadh, Kuala Lumpur, and Dubai lag far behind, each employing nearly 1,000 individuals across different fund management sectors.
Lastly, Statista reports that Nigeria’s gross domestic product is $66.84 billion as of 2023, which is over 25 times less than Abu Dhabi’s capital, a striking comparison that does not even factor in private investments in Abu Dhabi.
